During the current year, Giatras Electronics recorded credit sales of $740,000. Based on prior experience, it estimates a 4.0 percent bad debt rate on credit sales. Required: 1. Prepare journal entries for each of the following transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On October 28 of the current year, an account receivable for $2,700 from a prior year was determined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year.

Complete the following table, indicating the amount and effect for each transaction. (Indicate decreases with a minus sign.)

Table shows :Transactions, Net sales, Gross profit, Income from operations.